Emotionally charged disappointed activist investors existential threat to CEOs as #reputation #risk roars through the boardroom and into the corner office. Culpability insurance is in limited supply and demand is growing.

…the trend is good, and the fundamentals are improving. All else being equal, this should support stock prices. But neither fact should distract from the reality that those prices are very high already — or the fact that high valuations do not need good fundamental reasons to revert towards to more normal levels. The stock market is not spookily quiet. It is spookily expensive.